RIYADH: Saudi Arabia’s top 10 publicly listed companies reached a combined market capitalization of $2.1 trillion as of April 25, highlighting their dominant role in the Kingdom’s capital markets, according to a new analysis by Forbes Middle East.
The companies collectively reported $133.9 billion in net profits for 2024, reflecting the growing strength of the Kingdom’s diversified economy. The ranking covers key sectors such as energy, banking, telecommunications, industrials, and utilities.
The milestone comes as the Saudi Exchange, or Tadawul, was recognized as the world’s fastest-growing stock market in 2024. The number of listings doubled to 55, and market liquidity surged by 40 percent — a growth fueled by a streamlined capital management system that halved IPO processing times and widened investor participation.
“The banking sector dominates the ranking, securing five out of the 10 spots, with total assets amounting to $854.7 billion,” the Forbes report noted.
Saudi Aramco topped the list with a market value of $1.7 trillion. The energy giant posted $480.4 billion in revenue and $106.2 billion in net income last year, cementing its position as a global energy leader.
Aramco also advanced its international strategy through major deals in 2024, including a $12.35 billion secondary share sale in June, $25 billion in contracts to boost gas output by 60 percent by 2030, a $90 billion agreement with U.S. firms, and a joint venture with China’s Sinopec to develop a refining complex in Fujian province.
Banking giants
Saudi Arabia’s leading banks continued to post strong performance in 2024, with several institutions recording double digit profit growth and expanding their international and digital footprints.
Saudi National Bank maintained its position as the Kingdom’s largest lender by assets, reaching $294.4 billion. The bank posted $5.6 billion in net profits and bolstered its global presence with a $500 million bond issuance in Taiwan.
Al Rajhi Bank, which holds $259.8 billion in assets, recorded an 18.7 percent rise in profits to $5.3 billion. The Islamic lender also acquired a majority stake in the fintech app Drahim, signaling a strategic push into digital finance.
Riyad Bank reported a 15.9 percent increase in profits to $2.5 billion, supported by a $750 million sukuk issuance. Saudi Awwal Bank also delivered strong results, with profits climbing 15 percent to $2.2 billion following a $1.1 billion sukuk deal.
Meanwhile, Alinma Bank saw profits jump 20.5 percent and signed a $756 million agreement with Bahri to finance oil tankers, underscoring its growing role in Shariah-compliant corporate financing.
Telecom and industrials
In telecommunications, stc Group recorded $6.6 billion in profits, launched STC Bank, and transferred tower assets to a Public Investment Fund-led entity.
SABIC, a global chemicals leader, recovered from a 2023 loss to post $993 million in profits and sold its Alba stake for $966 million.
Meanwhile, Maaden, the Middle East’s top mining firm, acquired SABIC’s Alba stake and issued a $1.25 billion sukuk, contributing 20 percent of Saudi non-oil exports.
Utilities and energy
Saudi Electricity Co. saw a 7.5 percent increase in power output and signed a $3.6 billion gas plant deal, while raising $2.75 billion in sukuk. The company also settled $1.5 billion in historical obligations to the state, with PIF holding a 74.3 percent stake.
Forbes ranked firms based on sales, assets, profits, and market value from Tadawul, with equal weight given to each metric.
This elite group of companies highlighted Saudi Arabia’s economic strength, with banks and energy firms driving record profits and global expansions in 2025.
